Navistar Surges as VW CEO Change May Lead to Truck Unit Shakeup

Navistar International Corp. jumped the most this year after Volkswagen AG changed chief executive officers, a move that could portend further deal-making between the the U.S. truck manufacturer and its second-biggest shareholder.

VW’s decision to replace CEO Matthias Mueller with Herbert Diess, the head of its namesake brand, may “signal that the board is open to further change,” including an initial public offering of the company’s truck and bus division, according to Brian Sponheimer, an analyst with Gabelli & Co.